SUMMARY
This week, Pollenizer turned nine years old and it is time to make some changes.
- Pollenizer closing Melbourne and Sydney incubators, ceasing new consulting and education business as current engagements conclude.
Directors will continue to support portfolio of startups and do everything possible to provide returns to shareholders - With great sadness, but knowing it is the right thing to do, we will be closing the doors of our Sydney and Melbourne offices and ceasing all consulting and education activity.
We formed Pollenizer to make a big impact. As one of the first Silicon Valley style incubators in Asia Pacific, we are proud of the contribution we have made to how thousands of people now create new companies. Building a sustainable business model around such an offer though… that is tough. And we haven’t nailed it.
In recent years, we have been deep in large organisations, helping them to create new growth using what we have learnt in startups. We love this work, but the irony is clear. A company that believes in global, disruptive business models was becoming a consulting business. A hard, old-fashioned and difficult to scale business model.
We are proud to have a brave and supportive group of investors that have supported Pollenizer through the years. We believe that the most likely returns will come from protecting the capital we have left and using it to support our portfolio companies.
The directors of Pollenizer Global will continue to support our portfolio companies and this decision will retain some funds to support the following businesses.
- Lawpath – because they are changing how legal services are delivered through automation.
- HiveXchange – because they are changing how growers sell their crops through trust based e-commerce. \
- Mezo – because they are changing how complex organisations like governments make decisions by showing probable futures.
- CohortIQ – because they are replacing management consultants with real-time dashboards that change with the context.
- Spot – because they are changing how cities manage their inventory from parking spaces to energy meters.
We have also seen early signs of success in a new software platform which has evolved from our work starting new businesses. We believe it could become a powerful, scaleable business and will fund this until July to complete current pilot trials.
Indeed, much of this portfolio could be seen as examples of how the professional services sector that we leave behind will be disrupted in the years to come.
We don’t know which will succeed, but we love them all and each of them have the potential to be massive businesses in a way that a Pollenizer consulting business does not.
So, here’s what we are doing:
- All employees of Pollenizer Pty Ltd have been made redundant
- We will phase out existing consulting contracts as they naturally conclude then Pollenizer Pty Ltd will be closed. All operating contracts will be delivered.
- We will open-source as much of our coaching tools as possible in the coming months.
- The current Pollenizer Global Pty Ltd board will continue to govern the portfolio companies on a part time basis with minimal operational costs.
Knowing that there will not be a Pollenizer incubator buzzing away in Melbourne and Sydney every day will feel strange, but these days there is no standing still. It is time to do something else.
We thank shareholders and customers for backing us for the past 9 years. We’ve been living life at the frontier together and that is never a simple context. Pollenizer has pulled out every stop, tried every hack, saved every dollar and made every change to deliver maximum impact for you all. We just haven’t found evidence of a business model that will make our dreams come true.
We say goodbye to the talented Pollenizer team who have been pioneers in the craft of entrepreneurship. They are the best entrepreneurs, coaches, community builders and startup operations people that I know. We could not have asked for a more dedicated team. We can’t wait to see what they do with their talents outside Pollenizer. If you are looking for talent, please drop me a note and I will make connections.
Hack, Hustle and Flearn!
Phil Morle – CEO